Standard Chartered-Backed Zodia Markets Receives VASP Registration in Ireland
Zodia Markets, the digital asset exchange and brokerage platform backed by Standard Chartered, has been registered as a virtual asset service provider (VASP) by the Central Bank of Ireland. This registration will serve as a “launchpad” for Zodia Markets to enter the EU market, according to Michael Walsh, CEO of Zodia Markets Ireland.
Expanding into the EU Market
The registration from Ireland’s central bank comes after Zodia Markets received crypto asset registration from the UK’s Financial Conduct Authority (FCA) in July 2022. Walsh expressed excitement about this development, stating that it opens up significant opportunities and demand for their offering in the EU market.
Enabling OTC Trading and Exchange Services
Zodia Markets Ireland announced in a statement that this registration allows them to provide over-the-counter (OTC) trading and exchange services to institutional clients within the EU. The approval showcases their commitment to collaboration with European regulators and operating in compliance with regulations.
Preparation for MiCA Authorization
The registration also sets the stage for future authorization under the Markets in Cryptoassets Regulation (MiCA), which is expected to come into effect by the end of 2024. MiCA will require crypto asset service providers to obtain authorization and undergo supervision.
Ireland’s Attraction for Digital Asset Firms
Ireland is becoming a preferred destination for digital asset companies looking for a domicile. Just recently, Coinbase selected Ireland as its European hub.
Hot Take: Zodia Markets Expands Its Reach with VASP Registration in Ireland
Zodia Markets’ registration as a virtual asset service provider (VASP) by the Central Bank of Ireland is a significant milestone for the company. With this registration, Zodia Markets can now tap into the EU market and offer their services to institutional clients in Ireland and beyond. It also demonstrates their commitment to compliance and collaboration with regulators. As Ireland continues to attract digital asset firms, Zodia Markets’ presence in the country positions them well for future growth and opportunities. With preparations underway for MiCA authorization, Zodia Markets is primed to navigate the evolving regulatory landscape in the EU and solidify its position as a leading player in the digital asset space.
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